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Personal Loan
A Personal Loan (PL) is an amount that an applicant can borrow from a Bank/ Financial Institution for their own use. Applicant pay it back in Equated Monthly Instalment (EMI) over a set period of tenure upto 60 months. Applicant can use a Personal Loan for a variety of purposes, such as home improvement, debt consolidation, wedding, travelling or medical emergency. Personal Loans are unsecured means lender don’t require security/collateral against loan.
Given below are some of the features and benefits of personal loans:
- No end-usage restriction
- Loan amount upto Rs.75 lacs(*), which can exceed depending on lenders’ discretion
- Flexible repayment tenure of upto 5 years and above, depending upon the lender
- Minimal documentation
- No Security / Collateral required
- Quick loan disbursals
To apply Personal Loan, applicant need to submit the following documents:
- KYC documents : Passport size photos, Photo ID (Aadhaar Card & PAN Card or Voter ID or Driving Licence), residential proof (utility bills/ration card/ Bank Passbook, etc.), Employee ID Card
- Income/Financial Documents : Latest 3 months Salary Slips along with 3 years Form 16 & ITR
- Professional Qualification Documents : Degree of Doctorate/Chartered Accountant/ Company Secretary, if any, and
- Bank Account Statement : Latest 6 months bank statemen
The basic eligibility criteria for approving Personal Loan are as follows.
- Nationality: Indian
- Age : 21 years to 60 years
- Employment : Salaried in any Public, Private or MNC sector
- Credit Score : 700 or above
- Monthly Salary : Minimum Rs. 25,000/- per month
- Employment type : Permanent with 1 year job continuity